Vacation Homes

How to pick a winning property manager

Property managers can be the key to maintaining good property standards.

Photograph by: Thinkstock
, Postmedia News

Q: We are faced with the task of choosing our very first property manager for our new condo. We need some good advice before we proceed. Thank you.

A: Property managers can be the key to maintaining good property standards. However, what should a board look for in a manager? First of all, how large is this manager's current portfolio and what are their references? Do they possess an RCM certificate? This certificate is achieved by completing condominium management and administration courses.

Carefully review the management agreement. Does it provide all the necessary services and are there any hidden costs? Avoid any management contract that transfers the decision-making authority from the board to the management. Professional managers are hired for their expert advice. The board is responsible to make any final decisions and the manager should carry out those decisions. To avoid any unpleasant surprises, engage the services of a condominium lawyer to review the contract, prior to signing. Most contracts contain a 60-day no-cause termination clause so the board can terminate the contract if they are not satisfied with the service.

Good communication is imperative. The most cited reason for a breakdown in manager/board relations is a manager's perceived nonresponsiveness. Right from the beginning, both parties should agree upon the method of response. The manager must be able to function well under pressure and be willing to find a solution for owner complaints and director requests.

Finally, each condominium is unique and has its own set of bylaws, declarations, rules and regulations that govern the property. How knowledgeable is this person regarding the Condominium Act? Terms such as common areas, common expenses, bylaws, declarations, status certificates, etc., must be clearly understood.

A proficient condominium manager can potentially improve the market value of your property, providing they are a high level administrator with people skills necessary to not only communicate, but also get the job done.

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